Agilus Diagnostics, Formerly SRL Files DRHP for IPO

Agilus Diagnostics, formerly known as SRL, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for its forthcoming initial public offering (IPO). 

The IPO structure involves an offer for sale (OFS) of 1.42 Cr equity shares, led by major stakeholders including International Finance Corp, NYLIM Jacob Balls India Fund III LLC, and Resurgence PE Investments Ltd.

Notably, the entire proceeds from this IPO will be allocated to the existing shareholders, given the exclusive OFS nature of the offering. 

Founded in 1995 in  Gurgaon, Agilus Diagnostics is one of the largest diagnostic service providers, boasting an extensive network of laboratories. 

It holds the second position in revenue generation within the industry from its operations in India, as indicated by a Crisil report for the fiscal year 2022-23.

As of March 31, 2023, Agilus Diagnostics oversees a network of 413 laboratories, with 43 accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL). 

Besides its presence in India, the company extends its services to international regions, including the Middle East, Sub-Saharan Africa, the Commonwealth of Independent States, and the South Asian Association for Regional Cooperation (SAARC) region.

In the fiscal year 2023, Agilus Diagnostics conducted 3.9 Cr tests and served approximately 1.66 Cr patients in India, as outlined in the DRHP. 

The IPO will be steered by book-running lead managers ICICI Securities, Axis Capital, and Citigroup Global Markets India.

In parallel news, Entero Healthcare Solutions, an Indian pharma products distribution platform, has also filed its DRHP with SEBI, making its way toward the bourses. 

The Entero Healthcare Solutions IPO involves a fresh issuance of shares valued at INR 1,000 Cr by the company itself, along with an offer for sale (OFS) of 85.57 Lakh equity shares by 19 selling shareholders.